Health insurance is an essential component of financial planning. Choosing the best health insurance plan that suits your needs is necessary. With so many health insurance plans available in India, it can take time to decide which is best for you. This article will address the most asked question, which is the best health insurance policy in India and the factors to consider before buying a family health insurance
Best Health Insurance Policies Available
The best health insurance plan in India depends on your individual needs. Some of the most popular health plans in India are offered by health insurance companies such as Niva Bupa, Apollo Munich, Bajaj Allianz, HDFC Ergo etc. These plans provide individual plans and group health insurance policy for employers to cover employees of an organisation. They typically cover medical expenses, hospitalisation, pre- and post-hospitalisation expenses, daycare procedures, home healthcare, and even critical illness coverage. Some of the plans are discussed in detail.
Niva Bupa Reassure Plan
It is a feature-rich comprehensive medical insurance policy that provides individual and family floater coverage. It has sum insured options ranging from Rs. 3 Lakh to Rs. 1 Crore, which you can choose based on your needs. The policy covers various healthcare expenses, including in-patient hospitalisation costs, daycare costs, pre-hospitalisation and post-hospitalisation costs, modern treatments, and ambulance costs, among others. It also provides care outside the hospital by covering emergency road and air ambulance expenses, second medical opinions, domiciliary hospitalisation expenses, and so on.
Niva Bupa Health Premia Plan
It is an indemnity-based health policy that provides comprehensive coverage for you and your family at a low cost. The policy is complete in that it covers almost every healthcare expense, including in-patient hospitalisation, daycare, ambulance, and maternity expenses, as well as providing travel insurance coverage, e-consultation, mental disorder treatment, and so on. The policy offers extensive coverage to the insured for sum insured options varying from Rs. 1 lakh to Rs. 3 crores.
Aside from the basic coverage, the policy includes several optional coverage benefits that you can choose from by paying an additional premium at the time of policy purchase. Personal accident insurance, critical illness insurance, enhanced loyalty addition, health coach, and hospital cash are just a few examples. The policy provides the insured with lifetime renewability benefits. In addition, if you are covered by any variant of the Health Premia Policy, you will receive a premium waiver benefit, a refill benefit, and a 15-day free-look period.
HDFC ERGO Optima Secure
It is a comprehensive medical insurance plan offered by HDFC Ergo General Insurance that can be taken out as an individual or family floater plan. After 1 and 2 years from the plan's start, the initial amount of cover is increased by 50% and 100%, respectively, no matter if any claims have been made. The restoration benefit ensures that if any claim is made in a year, 100% of the original cover is restored at no extra cost. It also offers protection benefit, which covers consumables like gloves and masks. The plan can be customised with two optional add-ons, “my Health Critical Illness Cover” and “myHealth Hospital Cash Benefits Cover”. Various discounts such as loyalty, family and long-term discounts are available. The sum assured ranges from Rs. 5 Lakh to Rs. 2 Crore.
Factors to Consider Before Buying Health Plan
If you are looking for comprehensive coverage, you should look for a plan that offers coverage for hospitalisation, medical expenses, and other related expenses. While if you are looking for basic coverage, then a plan with a lower premium may be the best option. Apart from this, there are many other points to mull over before buying a plan:
- Different plans have different premiums, so it is essential to compare them and choose the one with the lowest premium. It is also essential to compare the services offered by the different plans and choose the one that provides the best value for your money.
- Consider the ratio of claim settlement of the health plan. It is the ratio of claims the plan successfully settled. A higher settlement ratio indicates that the health insurance plan is more reliable and can offer better coverage.
- It is crucial to look at the various features and benefits offered by the health insurance plan. Different plans offer different features and benefits, so it is important to compare them and choose the one that offers the best features and benefits.
Choosing the best health insurance policy in India is a complex process and requires careful consideration of various factors. It is important to compare the different plans, assess the coverage offered, consider the premium, and compare the features and benefits offered. Considering all these factors, one can easily select India's best health insurance plan.
